NEW YORK (Real Money) — Did Jamie Dimon do well, or did he do badly in front of Congress?
Frankly, I don’t care. I care about how well or badly he’s doing running JPMorgan and I’m still steamed about the trading loss that his firm racked up in London.
First, not all banking losses are created equally. A firm can make a loan to a client that blows up. That’s the cost of doing banking business. A firm can make a wrong bet on the direction of a market, something I don’t care for, but the bank has a right to do it and do it all of the time. I particularly don’t like it if the firm’s directional bet is out of synch with that the firm itself is recommending to its own clients. JPMorgan’s been the most prescient firm in the world when it comes to Europe, with the most consistent view possible during this whole crisis, which is to stay away from everything, stocks, bonds, you name it. …
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